Long-term storage - page 3. | Bitcointalksearch.org

peter0425

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Not safe as others have suggested. I agree with Trezor as one of the safest hardware wallet you can get. It maybe expensive, but you can get your money's worth. And as far as not paying attention to crypto world is concern, for me its not also good idea. You have investments, why not pay attention from time to time to see if your investment has profit or not? The only thing can someone will make to do such, is that your are investing what you can afford to lose, so it doesn't matter for you to look at what is current price or what is going on the crypto world.

Xester

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

This is one of the worst idea I have ever heard. It is nice to keep your bitcoin in long years but if you would not pay attention to the crypto world and there are some major updates then you will miss it. There is a huge possibility that something will replace bitcoin and you will no longer knew it. Observing the market is really important since it will protect your bitcoins, asset and capital from being burned.

madwica

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Quote from: Lagduf on May 26, 2017, 06:38:28 PM

Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Make sue to give a period to maintenance your wallet and never just try to leave it for 20 years.
Imagine the sha 256 will be broken and all of the coin migrate to the sha 512. And there is a lot of cases need to be determined by you.

Thanks for the information but 20years is to far right now bitcoin starts 2009, there is a lot of things will happen, more upgrades in every system of bitcoin wallet even in bitcoin itself. More people getting rich because of holding for long period of time. And im the one wishing that i would be rich here in bitcoin.

Sled

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Bitcoin- in bullish time

Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Buy trezor; it is a hardware wallet and good for long term purposes it is safe and virus and malware proof so you don't need to worry for the possible internet or online attacks to your wallet all you just need to do is to buy it and deposit your bitcoin and keep it on a safe place and just ignore it for 20 years or more.

Lagduf

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Activity: 1162

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Make sue to give a period to maintenance your wallet and never just try to leave it for 20 years.
Imagine the sha 256 will be broken and all of the coin migrate to the sha 512. And there is a lot of cases need to be determined by you.

Emoclaw

sr. member

Activity: 420

Merit: 251

Modern storage media can fail within a span of 20 years, even if they remain unused.
This problem is also known as data rot or data degradation. Basically the wallet could become corrupt after all that time. More info: https://en.wikipedia.org/wiki/Data_degradation
Use a paper wallet instead.

TryNinja

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Quote from: eternalgloom on May 26, 2017, 06:09:46 PM

Quote from: BitcoinNewsMagazine on May 26, 2017, 06:05:34 PM

Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Not safe. Hard forks might occur that need your attention to prevent loss. At least use a hardware wallet, keep the firmware up to date, and check both your wallet and the forum for news every couple of weeks, at least once a month. Store the seed for your hardware wallet securely, not online, and keep a spare around in case of malfunction.

If you'd use a hardware wallet, wouldn't hardware failure be an issue?
If you just store them in a paper wallet, would your coins be compromised due to a hard fork? I mean just any hard fork?

Let's assume that wouldn't be the case, then I'd think a paper wallet might be the better option, if you're using thick, laminated paper...

Just like you said, I think a paper wallet could be safer since there is no chance of hardware failure. Not that this is a major issue since most hardware wallets are made having long-term durability in mind. Just store your paper wallet in multiple banks and you will probably be okay. Also, if there is a hard fork and you are storing your btc in a paper wallet, the way your coins are affected depends on the wallet you use to claim your btc.

eternalgloom

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Quote from: BitcoinNewsMagazine on May 26, 2017, 06:05:34 PM

Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Not safe. Hard forks might occur that need your attention to prevent loss. At least use a hardware wallet, keep the firmware up to date, and check both your wallet and the forum for news every couple of weeks, at least once a month. Store the seed for your hardware wallet securely, not online, and keep a spare around in case of malfunction.

If you'd use a hardware wallet, wouldn't hardware failure be an issue?
If you just store them in a paper wallet, would your coins be compromised due to a hard fork? I mean just any hard fork?

Let's assume that wouldn't be the case, then I'd think a paper wallet might be the better option, if you're using thick, laminated paper...

BitcoinNewsMagazine

legendary

Activity: 1806

Merit: 1164

Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Not safe. Hard forks might occur that need your attention to prevent loss. At least use a hardware wallet, keep the firmware up to date, and check both your wallet and the forum for news every couple of weeks, at least once a month. Store the seed for your hardware wallet securely, not online, and keep a spare around in case of malfunction.

CROYA86

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Activity: 490

Merit: 250

Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

What are you thinking,
How safe is storing BTC in coldwallet for 20 years without regard to the crypto world?

I think it is safe but because this is in a long time, it should be often controlled walletnya, so selau can update the data

fudge

hero member

Activity: 666

Merit: 500

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Edit:
lets define some conditions:

1. Cold paper wallet will be kept secure
2. Wallet owner will not have possibility to monitor crypto scene

Hardfork is not a threat imho, as the coins will exist in all future chains.
The only issue I see is private key bruteforce (quantum computers, etc.)

What else? Except for the price decrease

Topic: Long-term storage - page 3. (Read 1399 times)